By Lu Wang
Nov. 11 (Bloomberg) -- The following companies are having unusual price changes in U.S. trading. Stock symbols are in parentheses, and share prices are as of 11:40 a.m. in New York.
Life insurers retreated after Goldman Sachs Group Inc. reduced its rating on the industry to ``cautious'' from ``neutral,'' saying the companies may need to raise more capital after equity and debt markets declined.
Lincoln National Corp. (LNC US) fell 16 percent to $16.22. Prudential Financial Inc. (PRU US) lost 12 percent to $27.11. Principal Financial Group Inc. (PFG US) slipped 15 percent to $20.61. Hartford Financial Services Group Inc. (HIG US) declined 26 percent to $10.78. MetLife Inc. (MET US) decreased 9.5 percent to $29.96.
Alcoa Inc. (AA US) had the second-biggest drop in the Dow Jones Industrial Average, losing 6.3 percent to $11.04. The largest U.S. aluminum producer announced production cuts for the second time in five weeks because of an ``unprecedented'' decline in prices. The stock was cut to ``market perform'' from ``outperform'' at Friedman Billings Ramsey & Co.
American Express Co. (AXP US) fell 4.9 percent to $22.81 and earlier slipped to $22, the lowest level since Oct. 10. The credit-card company that relied most on the capital markets for fundraising won U.S. Federal Reserve approval to become a commercial bank.
American Science and Engineering Inc. (ASEI US) gained 14 percent to $68.06 and earlier jumped 17 percent for the biggest intraday advance since August 2006. The maker of security- inspection equipment reported profit of 83 cents a share for the second quarter. That beat the average analyst estimate by 14 percent, according to Bloomberg data.
Ashland Inc. (ASH US) fell 7.2 percent to $18.57 and earlier slipped to $17.79, the lowest level since March 1986. The chemical maker will be replaced by Wynn Resorts Ltd. (WYNN US) in the Standard & Poor's 500 Index, effective after the close of trading on Nov. 13, S&P said in a statement.
Bowne & Co. (BNE US) dropped 39 percent to $4.84 and earlier sank 42 percent for the biggest intraday loss since at least 1980. The 230-year-old printer of prospectuses and financial reports reduced its 2008 sales and profit forecasts.
Capstone Turbine Corp. (CPST US) fell 22 percent to $1.13 and earlier dropped 26 percent in the biggest intraday slump since Sept. 18. The turbine maker reported a second-quarter loss of 6 cents a share, more than analysts' average estimate of 5 cents, according to Bloomberg data.
CB Richard Ellis Group Inc. (CBG US) posted the second- biggest decline in the Standard & Poor's 500 Index, losing 32 percent to $4.14. The world's largest commercial property broker abandoned plans to raise up to $400 million in a private offering and said it will instead sell shares to the public.
Clear Channel Outdoor Holdings Inc. (CCO US) rose the most in the Russell 1000 Index, jumping 23 percent to $4.41. Shares of the world's largest billboard owner present ``compelling'' valuations given the company's growth potentials, Jefferies Group Inc. analyst Brian Shipman wrote in a note.
Dick's Sporting Goods Inc. (DKS US) dropped 15 percent to $12 and earlier slid to $11.95, the lowest price since December 2003. The largest publicly traded U.S. athletic-equipment chain was rated ``underweight'' by Morgan Stanley, which said the company has more ``margin risks than the Street expects'' into next year.
Downey Financial Corp. (DSL US) plunged 61 percent to 57 cents and earlier fell 77 percent for the biggest drop since at least 1980. The California mortgage lender raised ``substantial doubt'' about its ability to stay in business and said it may be taken over by Dec. 31 if it can't raise cash.
Focus Media Holding Ltd. American depositary receipts (FMCN US) dropped 48 percent to $8.37 and slumped 50 percent earlier for the biggest intraday loss since its July 2005 initial public offering. China's largest publicly traded advertising company said it expects to earn 46 cents a share at most in the fourth quarter. That trailed the 57-cent average estimate from analysts in a Bloomberg survey.
Fundtech Ltd. (FNDT US) fell 10 percent to $9.05 and earlier sank 14 percent for the biggest retreat in a month. The banking software company cut its 2008 forecast and gave fourth-quarter earnings and sales estimates below the average of analysts surveyed by Bloomberg, saying sales from ``large global bank customers'' will be lower than expected.
General Growth Properties Inc. (GGP US) slumped 69 percent to 42 cents and earlier tumbled to 33 cents, the lowest level since the company went public in 1993. The second-largest U.S. shopping mall owner said it may seek creditor protection if it fails to refinance $958 million in debt.
General Motors Corp. (GM US) fell the most in the Dow Jones Industrial Average, losing 14 percent to $2.89. The biggest U.S. automaker should file for bankruptcy rather than taking money from the government, hedge fund manager Bill Ackman said. Only federal aid can prevent GM's collapse, analysts including Buckingham Research Group's Joseph Amaturo said.
Ford Motor Co. (F US), the second-largest U.S. automaker, dropped 9.3 percent to $1.75.
Auto-parts makers also declined. Goodyear Tire & Rubber Co. (GT US) sank 17 percent to $5.74. Lear Corp. (LEA US) slumped 19 percent to $1.36. American Axle & Manufacturing Holdings Inc. (AXL US) lost 13 percent to $1.68. Magna International Inc. (MGA US) fell 10 percent to $29.16.
Genworth Financial Inc. (GNW US) fell the most in the S&P 500, plunging 50 percent to $1.37. The insurer spun off by General Electric Co. (GE US) said it's no longer eligible to participate in a federal program that buys short-term debt because its credit ratings were cut.
Google Inc. (GOOG US) fell 4.7 percent to $303.68 and earlier sank to $300.50, the lowest level since October 2005. The owner of the most popular Internet search engine had its fourth- quarter revenue forecast lowered at Goldman Sachs Group Inc., citing poor macroeconomic and consumer data in October.
Intel Corp. (INTC US) lost 5.9 percent to $13.50 and earlier fell to $13.49, the lowest level since Oct. 24. The world's largest chipmaker had its profit and share-price estimates cut at Friedman, Billings Ramsey & Co. on weaker personal-computer demand.
KKR Financial Holdings LLC (KFN US) plunged 45 percent to $1.81 and earlier sank 59 percent for the steepest drop since share began trading in June 2005. The debt-investment affiliate of private-equity firm KKR & Co. halted its dividend and arranged $400 million in loans from banks and KKR to pay off other debts. Citigroup Inc. cut its rating to ``sell'' from ``hold.''
Las Vegas Sands Corp. (LVS US) fell 17 percent to $6.65 before trading was halted. The casino company said it will get a $525 million investment from the family of Chief Executive Officer Sheldon Adelson and sought to sell $1.62 billion more in shares to raise cash.
Liz Claiborne Inc. (LIZ US) fell 13 percent to $5.64 and earlier lost 17 percent for the biggest intraday drop since Oct. 24. The maker of Kate Spade handbags reported a third-quarter loss on lower sales as U.S. consumer spending slowed. Revenue declined 16 percent to $1.01 billion, missing the $1.07 billion average estimate of analysts.
Mentor Graphics Corp. (MENT US) dropped 16 percent and earlier sank 44 percent for the biggest intraday retreat since May 1984. The designer of software for making semiconductors said sales for the year ending Jan. 31 will be $815 million, less than an August forecast of $915 million.
Optimer Pharmaceuticals Inc. (OPTR US) surged 79 percent to $8.23 and earlier jumped 89 percent for the biggest intraday gain since its February 2007 initial public offering. The company said its anti-infective drug candidate, OPT-80, helped patients in a study with a drug-resistant intestinal superbug.
Sangamo BioSciences Inc. (SGMO US) fell 64 percent to $2.35 and sank 67 percent earlier for the biggest intraday retreat since shares began trading in April 2000. The company said tests of a treatment for diabetic neuropathy showed ``no significant differences'' between people receiving the drug and those given placebos.
Stillwater Mining Co. (SWC US) dropped 30 percent to $2.72 and slumped 31 percent earlier for the biggest intraday decline since December 1994. The only U.S. producer of platinum-group metals said it will work to conserve cash and plunging prices have made some operations unprofitable.
Taleo Corp. (TLEO US) fell 29 percent to $7.81 and earlier dropped 45 percent, the biggest intraday decline since its September 2005 initial public offering. The provider of software used by JPMorgan Chase & Co. delayed its quarterly financial report to review accounting issues raised by its auditors. The stock was cut to ``sector perform'' by Pacific Crest Securities on ``accounting uncertainty.''
Ticketmaster Entertainment Inc. (TKTM US) fell 23 percent to $5.97 and earlier dropped to $5.87, the lowest since the company went public in August. The world's largest ticket broker said third-quarter profit slumped 76 percent as the shrinking economy slowed concert and sports ticket sales.
Tyco International Ltd. (TYC US) declined 13 percent to $21.99 and dropped 17 percent earlier for the biggest intraday loss since July 2002. The world's largest maker of security systems through its ADT unit said fiscal 2009 and first-quarter profit will trail analysts' estimates, hurt by a higher U.S. dollar and slowing global economies.
Tyson Foods Inc. (TSN US) fell 24 percent to $5.06 and earlier slipped to $4.82, the lowest level since April 1988. The second-largest U.S. chicken producer was cut to ``underweight'' from ``overweight'' at JPMorgan Chase & Co., which said the shares may fall 40 percent as losses next year endanger the company's ability to meet its debt agreements.
To contact the reporters on this story: Lu Wang in New York at lwang8@bloomberg.net
Last Updated: November 11, 2008 12:11 EST
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